As part of efforts to reduce the country’s deficit, the Greek government in the summer of 2011 took the decision to sell off a number of state assets by setting up a private fund to which the rights attaching to specific assets were then transferred.
The Hellenic Republic Asset Development Fund (HRADF) was established on 1 July 2011, by virtue of Law 3986/2011, within the framework of implementation of the medium-term fiscal strategy. The legal form of the fund is a corporation (société anonyme) whose sole shareholder is the Hellenic Republic. Governed by private law, the fund’s mission is to transfer substantial state assets from the state to private investors in Greece and abroad.
The scope of the fund’s activities covers real estate, public enterprises and state infrastructure. A detailed description of the privatization program currently in progress and the fund’s role is presented on its website (www.hraf.gr).
Development of the site occupied by Athens’ former international airport (Hellinikon)
Sale of numerous properties in Greece and abroad which currently house public services and embassies